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EPHE vs. EZA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPHE vs. EZA

Last updated Jun 13, 2026

EPHE (iShares MSCI Philippines ETF) and EZA (iShares MSCI South Africa ETF) are both exchange-traded funds - EPHE is a Asia Pacific Equities fund tracking the MSCI Philippines Investable Market Index, while EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index. Both are passively managed. Over the past 10 years, EPHE returned -2.82%/yr vs 8.12%/yr for EZA. A 0.52 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

EPHE vs. EZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Philippines ETF (EPHE) and iShares MSCI South Africa ETF (EZA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EPHE achieves a 0.32% return, which is significantly higher than EZA's -2.81% return. Over the past 10 years, EPHE has underperformed EZA with an annualized return of -2.82%, while EZA has yielded a comparatively higher 8.12% annualized return.

EPHE

1D
0.97%
1M
0.81%
YTD
0.32%
6M
1.21%
1Y
-7.80%
3Y*
0.90%
5Y*
-3.02%
10Y*
-2.82%

EZA

1D
0.89%
1M
-5.12%
YTD
-2.81%
6M
2.77%
1Y
33.90%
3Y*
23.45%
5Y*
9.50%
10Y*
8.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EPHE vs. EZA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EPHE
iShares MSCI Philippines ETF		0.32%1.56%-1.41%1.27%-15.87%-2.23%-3.95%8.50%-17.50%20.20%
EZA
iShares MSCI South Africa ETF		-2.81%75.20%7.16%1.51%-5.18%7.91%-5.19%9.83%-25.24%36.03%

Correlation

The correlation between EPHE and EZA is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.40

Correlation (3Y)
Calculated over the trailing 3-year period

0.39

Correlation (5Y)
Calculated over the trailing 5-year period

0.40

Correlation (10Y)
Calculated over the trailing 10-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2010

0.52

The correlation between EPHE and EZA shifts across timeframes, from 0.39 (3 years) to 0.52 (all time), reflecting how their relationship changes across market environments.

EPHE vs. EZA - Sectors Allocation Comparison

Sectors
EPHE
EZA

Industrials

32.0%
1.5%

Financial Services

17.3%
32.1%

Utilities

14.3%

-

Consumer Cyclical

13.6%
14.7%

Real Estate

10.7%
1.6%

Communication Services

5.3%
6.7%

Consumer Defensive

4.6%
2.4%

Energy

1.3%

-

Basic Materials

1.0%
39.7%

Healthcare

-

1.2%

Technology

-

-

Industrials

EPHE
32.0%
EZA
1.5%

Financial Services

EPHE
17.3%
EZA
32.1%

Utilities

EPHE
14.3%
EZA

-

Consumer Cyclical

EPHE
13.6%
EZA
14.7%

Real Estate

EPHE
10.7%
EZA
1.6%

Communication Services

EPHE
5.3%
EZA
6.7%

Consumer Defensive

EPHE
4.6%
EZA
2.4%

Energy

EPHE
1.3%
EZA

-

Basic Materials

EPHE
1.0%
EZA
39.7%

Healthcare

EPHE

-

EZA
1.2%

Technology

EPHE

-

EZA

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Philippines ETF

iShares MSCI South Africa ETF

Often compared with EPHE:
EPHE vs. VOOEPHE vs. EWYEPHE vs. EIDOEPHE vs. VTEPHE vs. VTIEPHE vs. VXUSEPHE vs. GOVT
Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. PAF.LEZA vs. VTIEZA vs. SCHDEZA vs. INDA

Return for Risk

EPHE vs. EZA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EPHE
EPHE Risk / Return Rank: 55
Overall Rank
EPHE Sharpe Ratio Rank: 55
Sharpe Ratio Rank
EPHE Sortino Ratio Rank: 55
Sortino Ratio Rank
EPHE Omega Ratio Rank: 55
Omega Ratio Rank
EPHE Calmar Ratio Rank: 55
Calmar Ratio Rank
EPHE Martin Ratio Rank: 55
Martin Ratio Rank
EZA
EZA Risk / Return Rank: 2929
Overall Rank
EZA Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
EZA Sortino Ratio Rank: 2828
Sortino Ratio Rank
EZA Omega Ratio Rank: 3030
Omega Ratio Rank
EZA Calmar Ratio Rank: 3131
Calmar Ratio Rank
EZA Martin Ratio Rank: 2828
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EPHE vs. EZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Philippines ETF (EPHE) and iShares MSCI South Africa ETF (EZA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

EPHEEZADifference
Sharpe ratioReturn per unit of total volatility
-0.49
0.95

-1.44

Sortino ratioReturn per unit of downside risk
-0.59
1.41

-2.00

Omega ratioGain probability vs. loss probability

0.94

1.18

-0.25

Calmar ratioReturn relative to maximum drawdown

-0.58

1.31

-1.89

Martin ratioReturn relative to average drawdown

-1.06

3.41

-4.47

EPHE vs. EZA - Sharpe Ratio Comparison

The current EPHE Sharpe Ratio is -0.49, which is lower than the EZA Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of EPHE and EZA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EPHE vs. EZA - Drawdown Comparison

The maximum EPHE drawdown since its inception was -53.82%, smaller than the maximum EZA drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for EPHE and EZA.

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Drawdown Indicators

EPHEEZADifference

Max Drawdown

Largest peak-to-trough decline

-53.82%

-64.64%

+10.82%

Max Drawdown (1Y)

Largest decline over 1 year

-15.90%

-23.31%

+7.41%

Max Drawdown (3Y)

Largest decline over 3 years

-21.42%

-23.31%

+1.89%

Max Drawdown (5Y)

Largest decline over 5 years

-32.96%

-34.94%

+1.98%

Max Drawdown (10Y)

Largest decline over 10 years

-51.62%

-62.25%

+10.63%

Current Drawdown

Current decline from peak

-33.66%

-18.05%

-15.61%

Average Drawdown

Average peak-to-trough decline

-21.00%

-16.92%

-4.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.28%

8.93%

+0.35%

Volatility

EPHE vs. EZA - Volatility Comparison

The current volatility for iShares MSCI Philippines ETF (EPHE) is 4.96%, while iShares MSCI South Africa ETF (EZA) has a volatility of 11.34%. This indicates that EPHE experiences smaller price fluctuations and is considered to be less risky than EZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EPHEEZADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.96%

11.34%

-6.38%

Volatility (6M)

Calculated over the trailing 6-month period

13.49%

27.03%

-13.54%

Volatility (1Y)

Calculated over the trailing 1-year period

18.90%

31.92%

-13.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.05%

28.86%

-10.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.20%

31.43%

-9.23%

EPHE vs. EZA - Expense Ratio Comparison

Both EPHE and EZA have an expense ratio of 0.59%.

Dividends

EPHE vs. EZA - Dividend Comparison

EPHE's dividend yield for the trailing twelve months is around 2.10%, less than EZA's 6.34% yield.

PositionTTM20252024202320222021202020192018201720162015
EPHE
iShares MSCI Philippines ETF		2.10%2.11%2.32%2.01%1.73%1.05%0.72%0.78%0.45%0.36%0.71%1.03%
EZA
iShares MSCI South Africa ETF		6.34%6.16%7.26%2.84%3.90%2.05%5.51%12.27%3.81%1.55%4.10%3.03%

Frequently Asked Questions

EPHE and EZA have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EZA has higher volatility (11.34%) compared to EPHE (4.96%). In terms of maximum drawdown, EPHE dropped -53.82% vs EZA's -64.64%.

On 10-year performance, EZA leads with 8.12% vs -2.82% for EPHE. Both ETFs have the same 0.59% expense ratio. On volatility, EPHE has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EZA has performed better with a 8.12% return vs -2.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EPHE and EZA have the same expense ratio: 0.59% per year.

EZA has the higher dividend yield at 6.34%, compared with 2.10% for EPHE.

EPHE is categorized as Asia Pacific Equities, while EZA is Emerging Markets Equities. EPHE tracks MSCI Philippines Investable Market Index, while EZA tracks MSCI South Africa Index.

EZA currently has the higher Sharpe Ratio (0.95 vs -0.49), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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